10 Things To Do With Your Money

Here are a few ideas of what to do with your money, from the standpoint of preparedness, being practical, and frugal.

Ground rules:Do not spend into debt. Spend only what you have available to you.

1. Set aside the money that you need for the bills that must be paid. This requires that you first determine the total amount of your monthly bills. That means figuring out a budget. It’s not very hard to do. The point is, first set aside the money that needs to be paid towards your bills, and then consider moving to step #2. Hopefully you have some left over after the bills.

Tip: If your cable costs $80 a month, see if you can do without some of the premium channels and instead get it for $60 a month. Cha-Ching!

2. Save an amount of your leftover money, until you have enough cash saved up to hold you for a time, in case of an emergency, or if you lose your job. Start with a small goal of 1 month worth of bills. Then 2… Then build to what is comfortable for you. Several months is a good idea and will put you at ease.

Tip: Don’t feel as though you have to devote every extra penny each week to building this goal, unless you want to use all of it for that. For some, it is motivating to witness a pile of money growing.

Tip: It is much more motivating to take the cash money that is leftover and keep it at home in a safe, instead of putting it all in the bank. Actually ‘seeing’ the pile of cash grow is more motivating than watching the electronic numbers of your bank account. Besides, interest rates are so low right now that you really won’t get much of anything in a typical savings account.

3. Use CASH for groceries and the things that you normally purchase each week, instead of a debit card or writing a check. When you use cash, it is very ‘real’ when you hand over the money to the clerk. Trust me, it makes a big difference and will help you to control yourself.

Tip: If your paycheck is direct-deposited, withdraw cash money from the ATM each week in the amount that you normally would spend with your debit card at the grocery store, etc…

4. With some of your leftover money, purchase extra food items that are a regular part of your diet. Food prices will only continue to go higher as the dollar continues to be debased. You cannot go wrong by buying more food now rather than later. Start with a goal of 1 month extra food, but build towards 3 months, then 6 months… It’s not that hard to do, and you will feel good about it when you look in your cupboards or pantry and see all that food.

5. Think about the consumable supplies that you go through each month and purchase more of them as extra storage. Things like toilet paper, soaps, trash bags, coffee filters, plastic wrap – aluminum foil, etc…

6. Practical and productive tools and supplies that will assist you while growing and managing a home garden from germination to production.

7. Tools and supplies that will assist you while repairing things around the house, or purposed towards building or cobbling together solutions around the home and yard.

8. Items that will help provide security for your person, family, home, and property.

3 Comments

It might be helpful to some people to learn how to get themselves out of debt before following your advice. Can I recommend to those in need of some guidance the book that helped me become debt free after 20+ years of living on credit – ‘The Money Secret’ by Rob Parsons. It is an easy to read book and following its guidance got me out of debt for the first time since I left home at age 18.

Practical and life-changing, The Money Secret will totally revolutionize your attitude to money and show how it can either be the source of freedom and happiness or a burden of guilt and debt. When you have finished this powerful story you will want to cut up your credit cards forever and rid yourself of the power of the banks and lenders and advertisers who dupe us all into a spending frenzy based on false promises and slick delusions. As well as offering solutions this book will challenge the status quo and question current spending habits. Rich or poor, we have all at some time felt in despair about money and its power over our lives. Rob Parsons shows a new way forward which will change your life, focus your priorities and put you back in control.